Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities:    
Net income $ 161,749 $ 151,346
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 139,578 32,592
Depreciation of premises and equipment 12,668 9,541
Amortization, net 21,829 17,064
Accretion related to acquisitions, net (58,542) (14,325)
Losses on securities sales, net 83 6,510
Gain on CRE loan sale (10,915) 0
BOLI income (15,979) (12,074)
Originations and purchases (302,116) (157,156)
Proceeds from sales 2,165,978 155,392
Net decrease in other assets 43,837 39,104
Net decrease in other liabilities (20,967) (17,831)
Net cash provided by operating activities 2,122,903 210,163
Investing activities:    
Purchases (1,488,753) (619,879)
Proceeds from sales 630,095 620,405
Proceeds from maturities, calls and paydowns 380,633 170,542
Purchases (99,173) (2,615)
Proceeds from maturities, calls and paydowns 15,593 29,702
Net change in other investments 13,473 (14,919)
Net increase in LHFI (191,196) (523,841)
Net purchases of premises and equipment (8,869) (6,543)
Proceeds from BOLI settlements 2,531 5,645
Proceeds from sales of foreclosed properties and former bank premises 5,501 3,021
Net cash received in acquisition 270,211 54,988
Net cash used in investing activities (469,954) (283,494)
Financing activities:    
Non-interest-bearing deposits 40,095 308,316
Interest-bearing deposits (997,607) 593,803
Short-term borrowings (296,817) (584,942)
Repayments of long-term debt (200,000) 0
Issuance for stock options exercised 0 227
Forward sale common stock issuance 384,963 0
Dividends paid (136,416) (90,383)
Vesting of restricted stock, net of shares held for taxes (6,576) (3,751)
Net cash provided by financing activities (1,212,358) 223,270
Increase in cash and cash equivalents 440,591 149,939
Cash, cash equivalents and restricted cash at beginning of the period 354,074 378,131
Cash, cash equivalents and restricted cash at end of the period 794,665 528,070
Cash payments for:    
Interest 486,225 381,133
Income taxes 3,929 3,552
Supplemental schedule of noncash investing and financing activities    
Transfers from loans to foreclosed properties 1,274 375
Transfers from bank premises to other real estate owned 0 8,573
American National    
Supplemental schedule of noncash investing and financing activities    
Issuance of common stock in exchange for net assets in acquisitions   505,402
Assets acquired   2,948,035
Liabilities assumed   2,730,061
Sandy Spring    
Supplemental schedule of noncash investing and financing activities    
Issuance of common stock in exchange for net assets in acquisitions 1,275,441  
Assets acquired 12,974,597  
Liabilities assumed 12,210,961  
Cary Street Partners, LLC    
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of equity interest $ (14,300) $ 0